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Having play-tested the vitality/wound point system from the 3.5 Unearthed Arcana, my vote goes to the Constitution Option (CON score + HD at 1st level):
-It allows a greater chance of low-level survival for those using the medium and slow XP advancement tables.
-It gives the GM the opportunity to create some tougher and potentially more colorful scenarios, especially at low levels.
-It lessens the need for a 'healer' type character that many players feel is essential in most parties.
-It gives clerics the chance to cast the spells they want instead of having to trade them for healing spells.
-It allows low level/low hit dice classes (like the wizard) a better chance to live through the odd melee encounter.
The only thing I would change is to make the HD at 1st level a roll instead of a maximum (after all, D&D isn't D&D without a little luck!).